Canopius Group Ltd. announced the completion of Samsung Fire & Marine Insurance’s (SFMI) strategic investment in its business.
The investment will support Canopius’s growth arising from the recent acquisition of AmTrust at Lloyd’s and merger with its own Lloyd’s interests, said Canopius. The amount of the investment, which was first announced in May, was not disclosed by the companies.
In addition to the investment, Canopius and SFMI will actively explore business collaboration opportunities in specialty insurance and reinsurance, particularly in the United States and Asia-Pacific region.
“It is my great pleasure to welcome SFMI as a strategic business partner and investor in Canopius. SFMI’s exceptional financial strength and complementary licence network will be hugely advantageous as we take further transformational steps to build a leading global specialty re/insurance franchise. We look forward to collaborating with SFMI with great enthusiasm,” said Canopius Chairman Michael Watson.
SFMI’s investment follows last month’s announcement that Canopius had completed its acquisition of AmTrust at Lloyd’s. In March 2018, Canopius became a standalone business after it was purchased from Sompo Holdings by a private equity consortium led by Centerbridge Partners for $952 million.
About Canopius
London-based Canopius is a global specialty re/insurer with underwriting operations in Australia, Bermuda, China, Ireland, Netherlands, Singapore, the U.K. and U.S. It underwrites through Lloyd’s Syndicates 4444 and 1861 (managed by Canopius Managing Agents Ltd.) and a U.S. surplus lines insurer, Canopius US Insurance, Inc.
About SFMI
SFMI is the leading non-life insurance company in Korea, headquartered in Seoul. In addition to property & casualty business, SFMI provides a variety of insurance products and services such as corporate pensions, annuity and health insurance.
Source: Canopius Group
Related:
- Canopius Completes Acquisition of AmTrust at Lloyd’s
- Samsung Fire & Marine Insurance Takes Minority Stake in Canopius
Topics USA Excess Surplus Lloyd's
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